Bill Gates said demonetisation will help the country to move from shadow economy to a more transparent economy

New Delhi, Nov 17: Microsoft founder Bill Gates has hailed the government's move to demonetise Rs 500 and Rs 1,000 notes stating that this move will help the country to move from shadow economy to a more transparent economy.

Gates, who met Prime Minister Narendra Modi on Wednesday, gave a lecture at Niti Aayog's Transforming India event and said that it was a 'bold move' by the government to demonetise high value denomination in a bid to fight the black money menace.

Gates said: "Digital transactions will rise dramatically here. In next several years, India will become the most digitised economy, not just by size but by percentages." The Microsoft founder went on to praise government's initiatives like Digital India and Swachh Bharat stating that India was trying to do what had never been done before.

Prime Minister Narendra Modi announced last week that Rs 500 and Rs 1,000 notes would be banned with effect from Tuesday (Nov 8) midnight in a bid to fight the black money and fake currency menace.

Post the announcement, there have been different reactions on the same. While several politicians and celebs have supported the move, there are many who criticised Modi saying that the demonetisation was causing inconvinience to the poor.